Question 1

The supply of private education is represented by

Accepted Answer

A) The MPB curve 
B) The MPC curve 
C) The MSC curve 
D) The MSB curve 
E) None of the above 
A) The MPB curve 
B) The MPC curve 
C) The MSC curve 
D) The MSB curve 
E) None of the above

Question 2

A reduction in class size should be undertaken as long as the marginal benefit of the decrease is

Accepted Answer

A) Positive 
B) Negative 
C) Greater than the marginal cost 
D) Less than the marginal cost 
E) Increasing 
A) Positive 
B) Negative 
C) Greater than the marginal cost 
D) Less than the marginal cost 
E) Increasing

Question 3

The move from illiteracy to literacy has high marginal benefits.

Accepted Answer

A) True 
 B)False

Question 4

The opportunity cost of becoming a teacher is the salary of similarly trained professionals.

Accepted Answer

A) True 
 B)False

Question 5

The Following Questions Refer to the graph below.  
-Which of the following is true for the 16th year of education?

Accepted Answer

A) MPB MPC C) MSB > MSC D) MSB < MSC E) MPB = MSB A) MPB MPC C) MSB > MSC D) MSB < MSC E) MPB = MSB

Question 6

A family will purchase private education as long as the MPB > MPC.

Accepted Answer

A) True 
 B)False

Question 7

If there are positive externalities from education,the market will not produce the socially optimal level of education.

Accepted Answer

A) True 
 B)False

Question 8

The Following Questions Refer to the graph below.  
-In the diagram,the equilibrium level of education is

Accepted Answer

A) 0 years 
B) 1 year 
C) E1 years 
D) E* years 
E) Between E1 and E* years 
A) 0 years 
B) 1 year 
C) E1 years 
D) E* years 
E) Between E1 and E* years

Question 9

High-income students and their families are more likely to benefit from voucher programs.

Accepted Answer

A) True 
 B)False

Question 10

To be socially optimal,education should be provided to the point where

Accepted Answer

A) MPB = MPC 
B) MPB = MSC 
C) MSB = MPC 
D) MSB = MSC 
E) MPB = MSB 
A) MPB = MPC 
B) MPB = MSC 
C) MSB = MPC 
D) MSB = MSC 
E) MPB = MSB

Question 11

The United States is toward the middle of countries in rankings of percent of GDP per capita spent on education.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following best describes the U.S.K-12 educational system?

Accepted Answer

A) It is largely private 
B) It is mainly private with some public education 
C) It is about half public and half private 
D) It is predominantly public 
E) It is exclusively public 
A) It is largely private 
B) It is mainly private with some public education 
C) It is about half public and half private 
D) It is predominantly public 
E) It is exclusively public

Question 13

According to the Census Bureau,someone with a professional degree can earn approximately how much during a typical work-life?

Accepted Answer

A) $1 m 
B) $1.2 m 
C) $2.5 m 
D) $4.4 m 
E) Over $5m 
A) $1 m 
B) $1.2 m 
C) $2.5 m 
D) $4.4 m 
E) Over $5m

Question 14

More education leads to improved decision-making in families.

Accepted Answer

A) True 
 B)False

Question 15

According to the Census Bureau,a college education adds how much to earnings over a person's work-life?

Accepted Answer

A) Nearly $1m 
B) $2.1 m 
C) $2.5m 
D) $4.4 m 
E) Over $5 m 
A) Nearly $1m 
B) $2.1 m 
C) $2.5m 
D) $4.4 m 
E) Over $5 m

Question 16

The Following Questions Refer to the graph below.  
-The socially optimal level of education is

Accepted Answer

A) 0 
B) Between 0 and E1 
C) E1 
D) E2 
E) E3 
A) 0 
B) Between 0 and E1 
C) E1 
D) E2 
E) E3

Question 17

New learning technologies will increase the cost of providing K-12 education.

Accepted Answer

A) True 
 B)False

Question 18

The United States' K-12 education system has an efficient level of achievement per dollar spent.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is true of the U.S.K-12 education system relative to the K-12 education system of other developed countries?

Accepted Answer

A) It has lower expenditures per pupil and lower achievement 
B) It has lower expenditures per pupil and higher achievement 
C) It has higher expenditures per pupil and lower achievement 
D) It has higher expenditures per pupil and higher achievement 
E) It has equivalent expenditures per pupil and achievement 
A) It has lower expenditures per pupil and lower achievement 
B) It has lower expenditures per pupil and higher achievement 
C) It has higher expenditures per pupil and lower achievement 
D) It has higher expenditures per pupil and higher achievement 
E) It has equivalent expenditures per pupil and achievement

Question 20

Increased competition in K-12 education can lead to an improved education system.

Accepted Answer

A) True 
 B)False

The supply of private education is represented by

A reduction in class size should be undertaken as long as the marginal benefit of the decrease is

The move from illiteracy to literacy has high marginal benefits.

The opportunity cost of becoming a teacher is the salary of similarly trained professionals.

The Following Questions Refer to the graph below. -Which of the following is true for the 16th year of education?

A family will purchase private education as long as the MPB > MPC.

If there are positive externalities from education,the market will not produce the socially optimal level of education.

The Following Questions Refer to the graph below. -In the diagram,the equilibrium level of education is

High-income students and their families are more likely to benefit from voucher programs.

To be socially optimal,education should be provided to the point where

The United States is toward the middle of countries in rankings of percent of GDP per capita spent on education.

Which of the following best describes the U.S.K-12 educational system?

According to the Census Bureau,someone with a professional degree can earn approximately how much during a typical work-life?

More education leads to improved decision-making in families.

According to the Census Bureau,a college education adds how much to earnings over a person's work-life?

The Following Questions Refer to the graph below. -The socially optimal level of education is

New learning technologies will increase the cost of providing K-12 education.

The United States' K-12 education system has an efficient level of achievement per dollar spent.

Which of the following is true of the U.S.K-12 education system relative to the K-12 education system of other developed countries?

Increased competition in K-12 education can lead to an improved education system.

Alleviating Human Misery: The Role of Economic Reasoning

Economic Systems, Resource Allocation, and Social Well-Being: Lessons From Chinas Transition

Government Control of Prices in Mixed Systems: Who Are the Winners and Losers

Pollution Problems: Must We Foul Our Own Nests

Economics of Crime and Its Prevention: How Much Is Too Much

Poverty Problems and Discrimination: Why Are so Many Still so Poor

The Economics of Monopoly Power: Can Markets Be Controlled

The Economics of Professional Sports: What Is the Real Score

Competition in the Global Market-Place: Should We Protect Ourselves From International Trade

Economic Growth: Why Is the Economic Road so Bumpy

Money,Banking and the Financial System: Old Problems With New Twists

Unemployment and Inflation: Can We Find a Balance

Government Spending,Taxation,and the National Debt: Who Wins and Who Loses

Social Security and Medicare: How Secure Is Our Safety Net for the Elderly

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Exam 6: The Economics of Education: Crisis and Reform

The supply of private education is represented by

A reduction in class size should be undertaken as long as the marginal benefit of the decrease is

The move from illiteracy to literacy has high marginal benefits.

The opportunity cost of becoming a teacher is the salary of similarly trained professionals.

The Following Questions Refer to the graph below. -Which of the following is true for the 16th year of education?

A family will purchase private education as long as the MPB > MPC.

If there are positive externalities from education,the market will not produce the socially optimal level of education.

The Following Questions Refer to the graph below. -In the diagram,the equilibrium level of education is

High-income students and their families are more likely to benefit from voucher programs.

To be socially optimal,education should be provided to the point where

The United States is toward the middle of countries in rankings of percent of GDP per capita spent on education.

Which of the following best describes the U.S.K-12 educational system?

According to the Census Bureau,someone with a professional degree can earn approximately how much during a typical work-life?

More education leads to improved decision-making in families.

According to the Census Bureau,a college education adds how much to earnings over a person's work-life?

The Following Questions Refer to the graph below. -The socially optimal level of education is

New learning technologies will increase the cost of providing K-12 education.

The United States' K-12 education system has an efficient level of achievement per dollar spent.

Which of the following is true of the U.S.K-12 education system relative to the K-12 education system of other developed countries?

Increased competition in K-12 education can lead to an improved education system.

Alleviating Human Misery: The Role of Economic Reasoning

Economic Systems, Resource Allocation, and Social Well-Being: Lessons From Chinas Transition

Government Control of Prices in Mixed Systems: Who Are the Winners and Losers

Pollution Problems: Must We Foul Our Own Nests

Economics of Crime and Its Prevention: How Much Is Too Much

Poverty Problems and Discrimination: Why Are so Many Still so Poor

The Economics of Monopoly Power: Can Markets Be Controlled

The Economics of Professional Sports: What Is the Real Score

Competition in the Global Market-Place: Should We Protect Ourselves From International Trade

Economic Growth: Why Is the Economic Road so Bumpy

Money,Banking and the Financial System: Old Problems With New Twists

Unemployment and Inflation: Can We Find a Balance

Government Spending,Taxation,and the National Debt: Who Wins and Who Loses

Social Security and Medicare: How Secure Is Our Safety Net for the Elderly

Filters